Mitchell’s laws: To survive, a monetarily non-sovereign government must have a positive balance of payments. Economic austerity causes civil disorder. Reduced money growth cannot increase economic growth. Those, who do not understand the differences between Monetary Sovereignty and monetary non-sovereignty, do not understand economics.
Proof that money and brains don’t necessarily go together (or why I never buy Forbes Magazine):
Steve Forbes to Newsmax: Obama, Bernanke Must Go
Wednesday, 31 Aug 2011 06:03 PM
By Jim Meyers and Kathleen Walter
Former presidential candidate and Forbes magazine editor Steve Forbes tells Newsmax that President Obama’s planned economic reforms are “the definition of insanity” — repeating failed policies in the hopes that somehow they will become successful.
In a wide-ranging exclusive interview, Forbes also declares that Federal Reserve Chairman Ben Bernanke should have resigned a long time ago, says Obama will be a one-term president, and looks for significant and positive reforms in Washington after the 2012 elections.
He also predicts the United States will make an “astonishing” move and return to a gold standard in the next five years, and says he’s “very impressed” with Gov. Rick Perry and is leaning toward supporting him for the GOP presidential nomination.
A Perry / gold-standard supporter. What more could I say?
Rodger Malcolm Mitchell
No nation can tax itself into prosperity, nor grow without money growth. Monetary Sovereignty: Cutting federal deficits to grow the economy is like applying leeches to cure anemia. The key equation in economics: Federal Deficits – Net Imports = Net Private Savings